LIVERPOOL walked out to the Champions League anthem 12 months ago with modest expectations. Qualification from the group stages, a few meaningful evenings in front of The Kop and the purchase of some of UEFA's loose change seemed the most realistic ambition.

In wilder moments, the club may even have dared hope one of their fixtures would be screened live on ITV 1, rather than one of the remote channels.

The TV crews, just like the rest of the football world, saw Liverpool's presence in the competition as temporary. The phrase 'after thought' sprung instantly to mind when the television schedulers got to work.

Champions League? Liverpool were havin' a laugh,, weren't they?

As the tournament progressed, it became clear predicting Liverpool's destiny was hopeless, as they constantly defied the odds.

For all the expert analysis, the result of a 90 minute kickabout remains splendidly unclear. Istanbul underlined how, truly, anything is possible.

Of course, most have absorbed nothing new from the miracle of Turkey. Despite being number one seeds and Champions of Europe, Liverpool are in the second division in the bookies' league table of potential victors.

Chelsea, Arsenal and Manchester United are perceived as the flag carriers when it comes to realistic English winners.

Liverpool will start this year's competition exactly where they began a year ago - the gritty outsiders who should be grateful they're even in it.

There is some justification for this, of course.

England's top three still possess greater depth in class, while Europe's finest, such as Real Madrid and Juventus, have spent the summer cherry picking the world's greatest players.

All have one main aim: To become champions of Europe and bring the era of the underdog to an end.

If Liverpool emerge from the tough-est group in the tournament and defend their title with a post-Christmas run, there will be good reason to be content.

Chelsea, Real Betis and Anderlecht offer formidable opposition. Raising more cash for Rafa Benitez, as he continues the task of building a squad capable of challenging at home as well as abroad, remains the priority.

But while the rest of us cling to pragmatism when assessing Liverpool's season, you can be sure Benitez sees things differently. The boss spent most of last season cursing those who dared assess anything but victory in Europe as satisfactory.

Even his own skipper, Steven Gerrard, was publicly rebuked for the moderate, seemingly uncontroversial acknowledgement that Liverpool's chances of winning the European Cup were slim when compared to the rest.

Gerrard, like the rest of us, soon changed his mind. Now, you'll hear the events of last May used as a reference point. This team achieved the unthinkable once, beating all the favourites, and fully expects to do so again.

Benitez will demand the same positive thinking from players and supporters.

Liverpool are in the Champions League to defend their title, not simply to indulge in some half-hearted lap of honour, surrendering the trophy which has become so synonymous with Anfield.

And, as the games begin, who's to say the adrenalin rush which inspired those era-defining nights won't inspire the class of 2006 to similar heights?

When the draw was made a year ago, Olympiakos were just some Greek team. Now, whenever their name is heard, images of euphoria pounce into the consciousness of everyone who witnessed some of the greatest scenes in Liverpool's history.

Chelsea, Juventus and AC Milan summon the same emotions. Will Betis or Anderlecht join this elite group who came, saw and buckled under the pressure of the Anfield European cauldron?

Last season it was Gerrard's late piledriver, Garcia's volley, Biscan's unlikely revival and Dudek's dancing which contributed to a new chapter in Liverpool folklore.

In the eight months to come, new heroes can emerge. When Liverpool and Europe mix, they serve the most potent cocktails.

Liverpool may not have all the best players, but they possess one gift which their opponents can only envy.

When the players walk out to that anthem against Real Betis tonight, they'll do so cherishing the title 'European Champions' and nursing the self-belief, pride and uncontainable joy this brought with it.

Liverpool fans really were havin' one hell of a laugh in this competition last season. Champions League? Let's keep that laughter going.